Former top T. Rowe Price manager to launch Baltimore hedge fund

Kris H. Jenner, the manager of T. Rowe Price Health Sciences Fund until his resignation in February, has raised more than $100 million to launch a Baltimore-based hedge fund, Bloomberg News reported.

The hedge fund, which will be called Rock Springs Capital, will have a similar investing strategy as Price's Health Sciences Fund, said Bloomberg, quoting an unnamed person knowledgeable about Jenner's plans. Jenner had managed the Health Sciences Fund since 2000. It has been one of Price's top funds, achieving a 15.3 percent annualized return over 10 years, according to Morningstar.

Along with Jenner, two of the Health Sciences Fund analysts, G. Mark Bussard and Graham M. McPhail, also resigned. Bussard and McPhail will be running the hedge fund with Jenner, Bloomberg reported.